Mumbai: Indian stock markets witnessed heavy selling pressure last week due to global tensions, rising crude oil prices, weak rupee movement and inflation worries.
The 30-share BSE Sensex fell by 2,090 points, or 2.7 per cent, during the week. The NSE Nifty also dropped by more than 532 points, or 2.2 per cent.
Market experts said investors remained cautious because of geopolitical tensions in West Asia and concerns over rising fuel prices.
Reliance Industries Faces Biggest Loss
Among the country’s top 10 most valued companies, Reliance Industries suffered the biggest decline in market value.
The company’s market capitalisation dropped by Rs 1.34 lakh crore to Rs 18.08 lakh crore.
Analysts said rising crude oil prices and overall weak market sentiment affected investor confidence in heavyweight stocks.
Banking and IT Stocks Also Under Pressure
Public sector lender State Bank of India lost Rs 52,245 crore in market valuation.
The market value of Tata Consultancy Services declined by Rs 47,415 crore.
Bajaj Finance also saw a major fall of nearly Rs 27,892 crore in its valuation.
Private sector banking giant HDFC Bank lost Rs 20,630 crore in market capitalisation, while ICICI Bank saw its valuation decline by over Rs 14,290 crore.
Other Companies Also Lose Value
Engineering major Larsen & Toubro and FMCG company Hindustan Unilever also recorded losses in their market valuations.
The market capitalisation of Life Insurance Corporation of India also slipped during the week.
Bharti Airtel Emerges as Only Gainer
Amid the broader market weakness, Bharti Airtel was the only company among the top 10 firms to register gains.
Its market valuation increased by Rs 42,470 crore to Rs 11.60 lakh crore.
Despite the sharp weekly fall, Reliance Industries remained India’s most valued company, followed by HDFC Bank and Bharti Airtel.
